What's in the State Budget for SA businesses?

South Australian Business News  •  Analysis  •  Economy
Anthony Caldwell
Thursday, June 6th 2024

The 2024 – 2025 State Budget can be described as safe,’ but it does not adequately address the needs of South Australian businesses.

Here’s what the South Australian Business Chamber team found for businesses:

Jobs for the Future

This budget provides an additional $610.3 million over the forward estimates ($692.6 million to 2028 – 29), bringing total funding for skills and training to $2.3 billion over five years. 

This funding assists South Australians to get the skills they need for new jobs being created across the economy. Funding will support TAFE SA, not-for-profits and other non-government training providers, with a key focus on student support to boost training completion.

Economic Recovery Fund – Small Business Energy Grants

$20 million in 2024 – 25 for Round 2 of the Economic Recovery Fund. This will support up to 8,000 eligible small businesses and not-for-profit organisations with grants between $2,500 and $50,000 to invest in energy-efficient equipment or other improvements to reduce and manage their energy usage and costs.

Business Events Fund

$14 million over four years to expand the Business Events Fund with a focus on supporting more events during winter periods.

Investment in the State Brand

$4.3 million will be invested over four years to enhance Brand SA’s functions to promote the South Australian Brand, and local products and businesses through market engagement and campaigns, industry partnerships, and brand strategy.

Family and Business Support Program

$4.4 million over four years delivered for the rural financial counselling and family and business support mentors programs, to support primary producers and regional communities to be more prepared for managing future impacts of adverse events and industry challenges.

SA destination marketing

$20.8 million over 4 years to accelerate consumer awareness of our state, interstate and overseas.

Investment attraction

Allocation of a further $6 million over four years to expand investment attraction activities and trade programs.

Payroll Tax – Bulk Billing Exemption for General Practitioners

General practitioner wages related to bulk billed services will be exempt from payroll tax from 1 July 2024. The exemption is designed as an incentive for general practitioners to bulk bill patients. In addition, an amnesty on wages paid to certain general practitioners and other medical service providers until 30 June 2024 will be legislated to alleviate the administrative burden for businesses.

Strategic Workforce Planning

    $7.9 million over four years from 2024 – 25 for strategic workforce planning for South Australia to support the delivery of major government infrastructure investments, essential services and growth industries. This initiative also includes partnering with the private sector to deliver specific employment support programs to address skilled migrant underutilisation in engineering, construction and ICT sectors. This initiative is partially funded by the National Skills Agreement.

    The South Australian Business Chamber’s advocacy is not restricted to budget submissions. We advocate on issues affecting business 52 weeks of the year and will continue to promote payroll tax reform and other key initiatives for business.

    We will keep you updated as more information comes to hand. 

    Author

    Anthony Caldwell

    Manager, Marketing, Media, Communications
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